Every day more and more countries are adding to real estate projects. Today we bring you one of the best countries in Asia to make real estate investments. In this article we are going to provide you with all you need to know about real estate in Turkey
The housing market in Turkey has grown in the past year and is predicted to continue to grow throughout this year. Now is a great time to invest in turkey real estate in order to get a great deal before prices rise even higher. Investing now can help you get a greater return on your investment.
Why invest in turkey?
Economic growth and personal prosperity are at the heart of Turkey. And the fact that it has forever been ‘stuck between the West and the East’ means that it’s taken the best practices of both worlds. Their ‘Asian’ ability to grow their GDP, coupled with the yearning for a ‘Western’ quality of life makes Turkey a great proposition.
There are multiple factors that contribute to the situation in Turkey today, where real estate deals are easy to come by. But one of the biggest reasons is the downfall of the Turkish Lira (TL) that took place in 2018.Right now, one Turkish Lira is merely $0.15 cents to the dollar, so you could say that Turkey’s real estate is on sale.
How to invest in Turkey Real estate?
Buying property in Turkey consists of multiple steps. You’ll need to find a real estate agent, then find and view a property that you’d like to buy.
You’ll also need to be aware of all the fees and legal processes that are involved before you legally become the owner of a Turkish apartment and can start benefiting from a 6-7% annual average ROI.
First things first, you’ll need to find yourself a real estate agent. The legal maximum limit for the real estate agent commission is 4% of the property value, which is fairly average when you compare it to other countries in the world.
When it comes to the title deed (the legal document that actually passes the property ownership from someone else to you ) the fee is also 4%
And just the same, the rate should be divided equally between the buyer and the seller. The law dictates that. That’s definitely something to keep in mind. For a $200,000 property, you’re looking at $16,000 in fees, for example.
Best places to buy property in Turkey
Your perfect location to buy property depends on what you’re looking for: a holiday home, retirement pad or city.
Istanbul: this vibrant metropolis is one of the most popular spots for foreigners, with around 44%⁸ choosing it to buy a new home or investment property.
Antalya: the second most popular pick for foreign property buyers is Antalya, which offers relatively cheap property prices. It has a large expat population and attracts lots of tourists, so could be a good choice for holiday lets. There’s also the option to buy property in Alanya just up the coast, which is known as the ‘Pearl of the Turkish Riviera’.
Fethiye: Offers beautiful coastal landscapes, excellent beaches, affordable property and a taste of traditional Turkish life. If you’re buying a property to live in though, you might find this popular tourist spot a little too quiet in winter.
Ankara: if you’re after city living but find Istanbul property too expensive, Ankara could be a good alternative. Turkey’s capital has all the shops, restaurants and attractions you could want, and it’s great for working expats and international business owners.
So, if you are interested in finding out more about real estate programs and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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